Deutsche Bank gets green light to sell BHF Bank

The way is clear for Deutsche Bank to sell its BHF-Bank unit to Kleinwort Benson Group after the German financial watchdog said o Friday it had no objections to the deal.

"We have examined the case and found that there are no reasons to block it," a spokesman for the BaFin watchdog told AFP.

Buyers Kleinwort Benson-Group and its owners RHJ International welcomed the development.

"Kleinwort Benson Group Limited and RHJ International are very pleased to announce today that the German financial regulator, BaFin, has confirmed that it has no objections to the proposed acquisition of BHF-Bank," they said in a statement.

Under the terms of the deal, which is valued at a total 354 million euros ($485 million), Kleinwort Benson-Group will acquire 91 percent of BHF-Bank for 322 million euros in cash.

RHJ International will acquire the remaining 9.0 percent in return for shares.

RHJ International chief executive Leonhard Fischer said "we are delighted by today's announcement and that BaFin has confirmed it has no objections to this strategically important transaction."